How much money does it take to build a successful advertising network for blogs and websites? Apparently a lot, and a lot means, at least $5m.
Federated Media Publishing , the two year old advertising network founded by John Battelle, former CEO of Standard Media (SMI) and co-founding editor of Wired magazine, has quietly closed a Series B private financing round worth about $4.5m. (According to a Form D filed with the SEC on the 23rd via PE Hub).
Previous investors JP Morgan Partners and the Omidyar Network are believed to have also been the primary investors in this round. A small number of individuals also appear to have participated.
The total funding Federated Media has obtained from a seed round, a professional Series A and this newly closed financing is estimated to be about $6.5 to $7.5m. The exact amount is unknown. Federated Media has provided no comment.
Despite a brief hiccup over potential conflicts of interest in June, FM remains a leading ad network for blogs and user-generated content sites. Their network delivers the ads for some of the webs most popular blogs including Boing Boing, Ars Technica, GigaOm, Popurls, Mashable and others.
Use of proceeds and terms of the financing have not been disclosed.